Eyebright Medical(688050) 华安证券·2025-04-24 08:38Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a robust revenue growth of 48.24% year-on-year for 2024, achieving total revenue of 1.41 billion yuan and a net profit of 388 million yuan, which is a 27.77% increase year-on-year [3] - The first quarter of 2025 showed a revenue of 357 million yuan, reflecting a year-on-year growth of 15.07%, although net profit decreased by 10.05% [3] - The company is positioned as a platform-type enterprise with strong R&D capabilities and commercial potential, with a focus on expanding its product offerings in the ophthalmic sector [8] Summary by Sections Business Performance - The artificial lens business saw sales volume reach approximately 1.7385 million pieces in 2024, a year-on-year increase of 44.93%, generating sales revenue of about 588 million yuan, up 17.66% year-on-year [4] - The myopia prevention business generated approximately 336 million yuan in revenue, a growth of 20.79% year-on-year, with OK lens sales contributing 236 million yuan [5] - The vision care business reported revenue of approximately 426 million yuan, a significant increase of 211.84% year-on-year, with sales volume reaching 214 million pieces [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.763 billion yuan, 2.247 billion yuan, and 2.810 billion yuan, respectively, with growth rates of 25.1%, 27.4%, and 25.1% [9] - The net profit for the same years is projected to be 468 million yuan, 610 million yuan, and 776 million yuan, with growth rates of 20.5%, 30.3%, and 27.3% [9] - The expected EPS for 2025, 2026, and 2027 are 2.47 yuan, 3.22 yuan, and 4.10 yuan, with corresponding P/E ratios of 35x, 27x, and 21x [9] R&D and Market Position - The company invested approximately 159.82 million yuan in R&D in 2024, representing 11.33% of its revenue, indicating a strong commitment to innovation [8] - The company has established a sales network covering over 6,000 hospitals and vision centers across China, enhancing its ability to commercialize new products [8]